SE Asia Stocks-Philippines, Indonesia retreat from record highs

Reuters Staff

4 Min Read

* Malaysia hits near three-year high
* Vietnam pulls back from near 11-yr high
By Karthika Suresh Namboothiri
Jan 29 (Reuters) - Philippine and Indonesian shares came off
record peaks to trader slightly lower on Monday, while Malaysia
climbed to a near three-year high, supported by gains in
financials.
The Philippine Stock Exchange PSEI Index rose as much
as 0.4 percent to a fresh high of 9,078.37, before reversing its
course. It has added 5.6 percent so far this year after a 3.7
percent gain in 2017.
"The market has gone up quite significantly for the last
several weeks and it has been observed that above the 10,000
level there has been some selling pressure," said Manny Cruz
from Asiasec Equities Inc, Manila.
Telecoms were the top gainers with PLDT Inc rising
as much as 6.5 percent to a nine-week high, while real estate
and industrial stocks were among the biggest losers. Ayala Land
dropped as much as 2.8 percent, while SM Investment
fell as much as 2.5 percent.
The Jakarta SE Composite Index climbed up to 0.4
percent to a new high of 6,686.347, before erasing the gains to
trade slightly lower.
Energy stocks led the gains after Bangladesh signed an
agreement with Indonesia on Sunday to open talks on imports of
liquefied natural gas as Dhaka turned to the supercooled fuel to
fill a shortfall of domestic natural gas.
Infrastructure-related stocks were the top losers with
network provider PT Telekomunikasi Indonesia Tbk down
as much as 2.9 pct.
An index of the country's 45 most liquid stocks
fell 0.4 percent.
Malaysian shares extended gains into a third
session, rising as much as 0.6 percent, and hit their highest
since late April 2015.
Public Bank Bhd climbed to a record high, while
Malayan Banking Bhd hit a more than four-year high.
Among other markets, Vietnam jumped 1.3 percent to
its highest since March 20, 2017, before erasing gains.
Food processor Vietnam Dairy Products fell 0.9
percent, while Saigon Beer Alcohol Beverage Corp
dropped as much as 2.1 percent.
Asian shares extended their bull run amid upbeat corporate
earnings and strong global economic growth, while the dollar
tried to bounce even as the White House continued to complain of
"unfair" trade practices by competitors.
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0458 GMT
STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3582.71 3567.14 0.44
Bangkok 1837.79 1828.88 0.49
Manila 9033.79 9041.2 -0.08
Jakarta 6658.4 6660.618 -0.03
Kuala Lumpur 1863.8 1853.92 0.53
Ho Chi Minh 1114.05 1115.64 -0.14
Change on year
Market Current End 2017 Pct Move
Singapore 3582.71 3402.92 5.28
Bangkok 1837.79 1753.71 4.79
Manila 9033.79 8558.42 5.55
Jakarta 6658.4 6355.654 4.76
Kuala Lumpur 1863.8 1796.81 3.73
Ho Chi Minh 1114.05 984.24 13.19
(Reporting by Karthika Suresh Namboothiri; Editing by
Subhranshu Sahu)